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June 9, 2021 The City of Monmouth could be issuing bonds to help take on a large amount of around $20M in capital improvement projects. City Administrator Lew Steinbrecher talked previously to the City Council about refinancing bonds issued in 2006 that would lead to a savings of $1.7-2.1M over a 15 year period. The city has also identified possible savings and with the pending sale of the municipal-owned transfer station freeing up thousands in revenue. He tells WGIL that given today’s interest rates, the city could finance millions in bonds to take care of a significant amount of work. “And given today’s interest rates, that could finance about 4-5 million dollars and we have well over 20 million dollars in capital improvement needs. And so, this could be used to help leverage other State and Federal grant funds and take on a fairly significant number of capital improvement projects.” ....
Business to use Main Street TIF funds By Jane Carlson The Review Atlas MONMOUTH The Monmouth city council has approved an inducement resolution for the Main Street Tax Increment Financing District that will allow a local business to begin the process of using the financial incentives to renovate a property. The property at 721 N. Main St., is an insurance agency. The project would double the office space, make the building ADA-compliant, and allow for another tenant to use the office space as well, with eligible costs reimbursed with TIF funds. Though the proposed TIF district has not yet been formally approved, the inducement resolution represents the city’s good faith efforts to establish it, while providing for the developers to move forward. ....